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Paris Electric sold $3,950,000, 12%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually on January 1.
Paris Electric sold $3,950,000, 12%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually on January 1. Paris Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 101.
Prepare the journal entry to record the issuance of the bonds on January 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2017
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Prepare a bond premium amortization schedule for the first 4 interest periods.
Annual Interest Periods
Interest to Be Paid
Interest Expense to Be Recorded
Premium Amortization
Unamortized Premium
Bond Carrying Value
Issue date$
$
1$
$
$
2
3
4
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Prepare the journal entries for interest and the amortization of the premium in 2017 and 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2017
Dec. 31, 2018
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Show the balance sheet presentation of the bond liability at December 31, 2018. (Enter account name only and do not provide descriptive information.)
Paris Electric
Balance Sheet (Partial)
December 31, 2018
For the Month Ended December 31, 2018
For the Year Ended December 31, 2018
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
Current Assets
Current Liabilities
Intangible Assets
Long-term Investments
Long-term Liabilities
Property, Plant and Equipment
Stockholders' Equity
Total Assets
Total Current Assets
Total Current Liabilities
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Property, Plant and Equipment
Total Stockholders' Equity
$
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